28 Sept 2012listing compliance notice▼ BadMajor
Mogul Energy International, Inc. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2011material agreement● Neutral
The filing reports that on January 26, 2011 Mogul sold an 8.3333% interest in its leases in Jackson County, Texas to Aura Oil Holdings Ltd. for $75,521. Aura is wholly owned by Naeem Tyab, who was Mogul's President at the time of the agreement, so this is a related-party sale, which Mogul says it believes is on terms comparable to an arm's length deal. This is the first filing to show Mogul holding Texas leases, consistent with the post-Excelaron US onshore focus. The filing is signed by Tim Turner as President and CEO, and the company address is now Houston, Texas, which indicates a change of leadership and location from the Seattle base and Naeem Tyab as signer (the filing does not explain either change).
30 Apr 2010material agreement● NeutralMajor
Mogul completed the Vesta deal in a changed form: it sold its 40% Excelaron interest to United Hydrocarbon (UHC) for the equivalent of about US$1,000,000, plus US$425,000 reimbursement of advances it made to Excelaron. This ends the Excelaron funding thread and the pending Vesta Qualifying Transaction; the filing mentions no Vesta shares (the earlier plan was 38,500,000 Vesta shares), so the terms differ from the January 2010 agreement. The press release says Mogul now intends to focus on onshore US prospects, with preliminary prospects in the upper Texas Gulf Coast that still need further work.
8 Feb 2010material agreement● NeutralMajor
On January 12, 2010, Mogul signed the definitive agreement with United Hydrocarbon, Excelaron, Vesta Capital and others that the October 2009 letter of intent anticipated. Vesta would acquire the direct 40% Excelaron interest and Mogul would receive 38,500,000 Vesta shares, giving it an expected 32% to 41% of Vesta, subject to closing. The deal depends on a financing of between C$4,000,000 and C$9,000,000 and on regulatory approvals, and the deadline was extended from January 29 to February 17, 2010; completion is not assured.
2 Oct 2009material agreement● NeutralMajor
On September 9, 2009, Mogul and Excelaron agreed a new payment schedule for the $2,300,000 contribution for its 40% Excelaron interest, which continues the funding problem flagged in February 2009 (the filing does not give the new dates or say why). Around September 21, 2009, Mogul signed a non-binding letter of intent with Vesta Capital Corp. (a Canadian capital pool company), United Hydrocarbon and Barisan Energy, under which Vesta would acquire 65% of Excelaron and Mogul would receive 38.5 million Vesta shares in exchange for its right to earn 40%. A definitive agreement is targeted by October 15, 2009, and the deal depends on due diligence, regulatory approvals including TSX approval, and a United Hydrocarbon financing.
19 Feb 2009asset acquisition disposition● NeutralMajor
On February 12, 2009, Mogul agreed to invest $2,300,000 (through October 1, 2009) in Excelaron, LLC, a California oil and gas exploration company, to earn a 40% interest; it has paid the first $175,000. The filing says the total far exceeds Mogul's working capital, no funding arrangements are in place, and the 40% stake would be reduced if Mogul fails to pay, so there is no assurance it keeps the full interest. It also discloses that Naeem Tyab and Parvez Tyab are shareholders of United Hydrocarbon Corporation, another Excelaron member, whose majority shareholder William Divine is a Mogul vice president. This is a new direction in California after the Egypt interest was sold in 2008.
16 June 2008capital raising announcement● NeutralMajor
Mogul closed the two Canadian private placements on June 11, 2008, raising $950,000 from 3,800,000 flow-through shares at $0.25 and $1,260,000 from 6,300,000 shares at $0.20, which is $2,210,000 for 10,100,000 shares. Commissions are 7% cash plus warrants for 7% of shares sold. Together with earlier 2008 sales, Mogul has raised $2,567,450 from 12,483,000 shares since January 1, 2008, to be used for exploration and development on its Saskatchewan leases. The company says it is proceeding with its plan to seek a TSX Venture Exchange listing, subject to approval. This continues the financing begun in late 2007 and adds to the share count.
What it means for a shareholder
6.3m new shares at US$0.200 to raise about US$1.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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30 Apr 2008asset acquisition disposition● NeutralMajor
Mogul closed the sale of its 20% East Wadi Araba (Egypt) interest to Sea Dragon on April 24, 2008, which resolves the open question about what happens to that stake after the abandoned 2007 merger. In return, Sea Dragon takes over Mogul's outstanding drill-program liabilities (Mogul estimates at least US$650,000), pays US$100,000 cash, and gives Mogul 4,000,000 Sea Dragon shares, 90% of which are held in escrow until Sea Dragon drills an exploratory well on the concession and announces the results. The filing says Parvez Tyab, Mogul's largest shareholder and brother of President Naeem Tyab, is an officer and director of Sea Dragon, and that Mogul expects to seek shareholder approval of the agreement. Treasurer Mohammad Khan resigned effective April 25, 2008, and Mogul plans new Canadian private placements of about $1.9 million at $0.25 (flow-through) and $0.20 per share, expected to complete before May 31, 2008.
15 Feb 2008capital raising announcement● NeutralMajor
Mogul reported completing part of the financing it announced in November 2007. It raised $804,984 by selling 4,472,134 flow-through shares at $0.18 and $364,950 by selling 2,433,000 shares at $0.15, a total of about $1.17 million against the roughly $3 million target. Sales commissions are 8% cash plus warrants for 10% of the shares sold, and the money is meant for exploration and development on its Saskatchewan leases. Mogul intends to keep raising money in 2008, and the new shares add to the share count.
What it means for a shareholder
2.4m new shares at US$0.150 to raise about US$364,950. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 Nov 2007business combination● NeutralMajor
Mogul and Sea Dragon agreed not to go ahead with the business combination from the July 2007 Letter of Intent, which would have raised Mogul's East Wadi Araba interest from 20% to 60%. Mogul says it will instead focus on its 100%-owned Saskatchewan leases (68 leases, about 9,300 acres) and plans a winter drill program. It also plans two private placements to Canadian investors (one flow-through, one not) to raise about $3 million, and intends to seek a TSX Venture Exchange cross-listing, subject to approval.
7 Aug 2007business combination● NeutralMajor
Mogul signed a Letter of Intent dated July 30, 2007 for a proposed business combination with Sea Dragon Energy, Inc., a private Canadian company that holds a 40% working interest in the East Wadi Araba concession (Mogul has 20%). Sea Dragon holders would receive up to 40,497,500 Mogul shares, about one for each Sea Dragon share, against Mogul's 38,561,810 shares now outstanding, so existing holders would be diluted. The letter targets a definitive agreement by September 1, 2007 and a closing by September 10, 2007, and it sets out an expected board and officer slate and planned option grants. It is a proposal that depends on a definitive agreement, approvals and other conditions.
19 July 2007drilling progress report● Neutral
Mogul said the operator, Dover Investments Ltd., told it that drilling has started (spudded) on the EWA 4X well at the East Wadi Araba Concession in the Gulf of Suez, Egypt, where Mogul holds a 20 percent working interest. The well is deviated, drilled from an onshore location to test an offshore structure for light oil in the Raha and Nubia formations; no results are given, and Mogul says it will provide updates as drilling progresses.